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State Auto Financial declares 48th consecutive dividend

COLUMBUS, Ohio -- May 23, 2003 -- The board of directors of State Auto Financial Corporation (Nasdaq:STFC) today declared a quarterly cash dividend of $0.035 per share, payable June 30, 2003, to shareholders of record at the close of business on June 13, 2003. This is the 48th consecutive cash dividend declared by the company's board since STFC had its initial public offering of common stock on June 28, 1991.

State Auto Financial Corporation is a regional property and casualty insurance holding company engaged primarily in writing personal and commercial automobile, homeowners, commercial multi-peril, general liability, workers' compensation and fire insurance. The company currently markets its products through more than 22,000 independent agents associated with approximately 3,500 agencies in 26 states and the District of Columbia. Products are marketed primarily in the central and eastern United States, excluding New York, New Jersey and the New England states.